As one of China's largest steelmakers, the Ma'anshan Iron & Steel Co Ltd (Masteel), a state-owned enterprise headquartered in Anhui Province, was China’s first company to produce train wheels. However, Masteel hit rock bottom in 2015 due to the slump in steel prices and suffered its greatest loss in history. Pushed to the edge, the firm started to understand the significance of the country’s supply-side structural reform. Masteel now has the largest train wheel production line in the world.